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of the appropriations and budget committee. also joined by georgetown university tax law professor john buckley on how the alternative minimum tax is affecting fiscal negotiations. "washington journal" is next. ♪ ♪ host: 25 days to go before the united states faces the fiscal cliff, the white house has rejected a proposal from house republicans to prevent tax hikes and spending cuts at the end of the year. no formal talks between the two sides are scheduled today. will go outside the nation's capital to get your voice involved. republicans -- democrats -- independents -- send us a tweet, post your comments on facebook, or send us an e-mail. we begin with some of the papers across the country today and how this latest proposal from house republicans is playing out in the papers. courtesy of "the atlantic journal-constitution" -- here is "the denver post" -- finally, here is "of the arizona republic" -- here is "the washington post" on what is inside this deal -- we want to get your take on this. what do you think? ted in new york, a democratic caller. what do you think? caller: good morning. i do n
civilians. right now, i want to start with the story of the week. the tax man cometh. the main thing between president obama and congress over the fiscal curb is the unraveling of the con sen sense. glover nor quis managed to get every single republican running for office from school boards up to president, signing a pledge that reads, i pledge to taxpayers to one, oppose any and all efforts to increase the income tax rates for individuals and or businesses and two, oppose any net reduction or elimination of reductions in credits unless matched dollar for dollar. his pledge has been useful to the republican party for a number of reasons. first, it led the republican party to push tax policies that move hundreds of billions of dollars into the bank accounts of wealthy people. it's also given the central right a single, simple policy objective to pursue, no matter what. a kind of north star for modern conservatism. now, members of congress seem to be losing their way. >> there's a lot that has been said about this pledge. i will tell you, when i go to the constituent that is reelected me, it's
that taxes and middle-class americans that violates the fundamental preliminary that the president has -- in order to preserve low tax rates for wealthy americans, to ask the middle class to pay the price is not going to happen. it's not just the policy. >> only taxes on those families making $250,000. >> every proposal that has been seen and analyzed imagine you can achieve the necessary amount of revenue by closing deductions or closing loopholes, does that in one of two ways. one, raising taxes on the middle class by eliminating very family-friendly deductions like the mortgage deduction, health care deduction and others or by taking draconian action on the charitable deductions and others that aren't good policy or aren't realistic. it would be hard to explain, i don't think members would want to explain to nonprofit hospitals, major charities, universities and others that all that -- all those contributions that they received in the past will not be forth coming because of an action of congress, i don't think that is realistic. >> one last question, if the amount of revenue were t
-- it was that the energy crisis spike. we have spent a lot of time working on energy taxes or the alternative of energy taxes. .. >> debt is higher now than since world war, and 90% of the debt was owned to the americans, and the reason that the pressures don't seem as real as they are, and here, i want to be clear that the pressures are not next year and the year after. the pressures are between now and 2020 or even later is that europe has been in such a bad shape. that is, when you tie your monetary souls together and ignore your fiscal side, and when they get out, there's huge risks, but i would urge people in washington would not underestimate the price paid by the debt ceiling debacle of last year. it was not that we downgraded our debt and then our interest rates didn't change. that's a misreading. what happened is that the financial markets are spooked by the uncertainty in washington and by the belief to win anything no matter how stupid, and let us be clear, not raising the debt ceiling on the table again is as stupid a policy as anyone can imagine. the whole debt ceiling doesn't make sense,
to the republicans goes like this. first democrats get a trillion dollars in tax revenue by letting the high-income bush tax expire. that hatch matches the spending cuts in the 2011 debt ceiling deal. a trillion for a trillion. then democrats and republicans get 6 billion worth of stuff they want. democrats get 6 billion from tax reform and republicans get 600 billion in spending cuts of which 350 billion comes from medicare and other health problems and 250 billion comes from elsewhere. then we draw down wars in iraq and afghanistan, shaving another trillion off of the deficit. that gets us to around 4 trillion in deficit over the next ten years. we are almost at 5 trillion in deficit reduction. as they sign the game shows, that's not all. the white house is also asking for about 200 billion in stimulus. according to the weekly standard, when senate minority leader mitch mcconnell saw the proposal, he quote, burst into laughter. he literally lol 'd. >> i've been very guarded in what i wanted to say. i didn't want it make it harder for me it say or the president or members of both parties to
pledge to not raise taxes? >> guest: it's not up to me to decide what violates and what doesn't but i don't think so. i think keeping tax rates where they are is the question and you can increase revenue without increasing the tax rate partly by that and a more efficient system. it distributes investments away from the nonproductive loopholes towards things that generate economic growth and that's something that paul ryan has been a leading advocate of. so i think this is a really smart proposal by the speaker, and it was -- i was pleased to see every republican. it wasn't just his name. it was extremely significant. hopefully the white house understands that means a unity of the republican leadership at that table, and if there's unity there i assure you there is in the republican conference. >> host: here's a letter to the white house with of the signatures of the leadership team including paul ryan of the budget committee. a lot of the callers have talked about the lack of detail in the proposal. what loophole deductions do you get rid of an order to bring in more revenue? >> guest: ag
,000. and everyone is in agreement -- the republicans do not want to see the middle class go without this tax cut. so where we disagree, let us push that off. where we agree, let's embrace. further, we discussed again the long term effects of our deficit, which are directly tied to health care -- the work that has been done in the congress as it relates to constructing and exchange that will take place in 2014 and go into effect, and the tools that we provided a initially on a concept that by its very nature was one designed by republicans, that there is ample room for us to tackle the unbelievable rise in cost of health care to 17% of our gross domestic product by focusing on dropping those costs. most recently the president of aetna said very clearly -- not only if we drop those costs would we make health care more affordable, we would also deal with balancing our national debt. so these are all very constructive areas that we all should agree to. that the american public wants us to pursue. we remain optimistic because of the way the president has gone out there and is selling this concept, not on
boehner told the president to leave the tax cuts for the rich alone. the president says he doesn't want to do that. he's going to stick with his plan to raise $1.6 billion in revenue and if republicans have something better they should be specific now. eric cantor said republicans are already going further than they did in the same spot in 2010. >> we have done our part. we have put revenues on the table, something we didn't do two years ago during the debt ceiling negotiations. >> we've seen some positive developments in the last several weeks, in terms of what republicans have been saying about the need for revenue as part of a balanced package. the president will continue to make the case that that is essential. >> reporter: so both sides saying revenue is on the table, now the fight is obviously to figure out where it's going to come from, how the government is going to make more money. democrats want it to come from increased tax rates on the rich, republicans would prefer to make that extra money by reforming the tax code and entitlements. bill: how is the president trying to rall
for middle class tax cuts only. he has a $30 billion temporary targ target. that is not rising above the fray. rural towns are seeing a drop indiana coi indiana coi in, income. it is a free market revolution. first up tonight. the count down continues. >> entitlements are off the table. i don't see how john by nor aoe going to take them out. you guys lost the election. president obama said he was going to raise taxes on the richest 2%. why is this a surprise? that is what happens at the end of the year. it is a little slow. we'll get over that. come january first, they will pass the tax cut for 98% of the people. >> i didn't think this was a mandate. i agree your man won. but jim, the basic deal was, okay, john boehner acknowledging what this was. putting this on the table and he said this a million times in return for some. modest reform. while the biggest stuff waits for next year. if the democrats say it is off the table and if harry reid is trading bars with mitch mcconnel, what is up here. senator durban said, it shouldn't be ps deal. i don't think there is a bar gain to be had. it is a
, by extending middle class tax cuts and raising taxes on the rich. >> it would give us more time than next year to work together. on a comprehensive plan to bring down the deficit, streamline our tax system. do in a balanced way. >> the president apparent shift away from spending and tax altogether now in a big deal could increase the chances of a market rattling fall off the cliff. since the republicans want spending cuts included. >> republicans are willing to put revenue on the table. but it's time for the president and democrats to get serious about the spending problem that our country has. >> the president's move came one day after two other big developments, suggesting democrats want tax hikes on the rich now, with the promise of cuts to programs like medicare later. on tuesday, senator dick durbin flatly declared entitlement reform should not be on the table. yesterday, top white house officials also met with leading liberal groups, from labor unions to with one attendee telling the "washington post" they expect the taxes to go up on the wealthy and to protect medicare and m
. president obama with a big kind of pep rally at the white house to push those tax cuts for the middle class and republicans on capitol hill saying no, no, no, we hate the middle class. come on. let's give tax cuts to the rich! the millionaires and the billionaires, to the koch brothers and donald trump. we'll bring you up to date and give you a chance to sound off on the issues which i know you can't wait to do. you can do it by giving us a call at 1-866-55-press. you can join the conversation on twitter at bpshow on facebook, and if you really want to get into it with your fellow "full court pressers," go into the chat room. try it out. it is a lot of fun. go to and click on the chat room and you are in! here we are. lucky day. thursday november 29 for somebody. >> it wasn't that lucky. you're still here. peter ogborn and dan henning good morning guys. leading team press with phil backert and cyprian bowlding. cyprian and i had our powerball tickets. we were ready, we were
with the fiscal cliff and there's hot rhetoric to go around. >> our members believe strongly that raising tax rates will hurt the economy. closing loopholes, especially on those who are wealthy, is a better way to raise this revenue. >> in order for us to raise the amount of revenue that's needed just by closing deductions and loopholes for high earners we'd have to, for example, eliminate or severely cap the char itible deduction. >> an obsession to raise taxes not going to solve the problem. what will solve the problem is doing something about the entitlements, taking on the wasteful spending in washington. >> and meantime, "the new york times" jonathan wiseman reports behind the scene republican leaders are considering the president's plan to extend middle class tax cuts now an address the debt and spending in the new year. here's republican senator tom coburn on "morning joe." >> actually, i would rather see the rates go up than the other way and greater chance to broaden the base in the future. >> do something, a down payment on cuts, on investments and revenue this year. and then in the
of us are hit with tax increases, takes it across the board a cut of $55 billion. people have it in their power to avoid the so-called fiscal cliff aren't negotiating, they're not debating right now, so many of them simply leaving town. but there's more going on than meets the eye. let's bring in our senior congressional correspondent dana basch, she has the latest. >> reporter: there's so much political theater around here right now, you could say tickets. one of today's acts was the house leaving. lawmakers streaming out of the capitol hill, racing to their cars to get to the airport and go home. it's a scene you usually see on a thursday afternoon or friday morning, not wednesday at noon. >> good morning. >> house republican leaders told members they're free to leave, because they have nothing to vote on. >> i understand that you are saying legislation has been put on the floor. when it comes to just pure optics of the house leaving with the fiscal cliff right in front of us -- >> i'll be here and i'll be available at any moment to sit down with the president to get serious
they are getting a dose of their own medicine. president obama has thrown down the gauntlet on taxes and while the gop is stomping its feet at making the wealthy to pay a bit more, he's making his pitch to the people. at a toy factory today, he warned them to play nice. >> joe biden was in costco. he wanted to buy some of this stuff. but i told him he had too much work to dochl i wasn. i told him he wasn't going to build roller coasters all day long. of course, santa delivers everywhere. i've been keeping my own naughty and nice list for washington. so you should keep your eye on who gets come kinects this year. there are going to be some members of congress who get them and some who don't. >> what sort of plan do you give the republican who won't agree with anything? this one, of course. the president is asking for a $1.6 trillion tax increase, $50 billion in economic stimulus, and the power to raise the debt limit without congressional approval. meanwhile, he will work the fine savings in entitlements. not to the man sitting on the naughty list. senator mcconnell said that he burst into laug
in case. just waiting for the chance to use it to sign the bill to make sure people's taxes don't go up. >> the adult in the room continues his campaign to cut taxes for the middle class and john boehner keeps shooting spit balls. the latest on the stalemate and the democrat's upper hand. >>> mitch mcconnell gets ridiculous with his demands to weaken medicare. one of the architects of obama care responds tonight. >>> house republicans pass an immigration. bill democrats say is divisive and inferior. tonight, congressman javier pasara on why the latino community won't. be fooled. >>> the first fast food strike is historic. what you need to know about the lowest-paid workforce in the country. good to have you with us. thanks for watching. president obama knows his opponent is on the ropes and he's not letting up. the president took his tax plan agenda on the road today. he e went to a pennsylvania toy factory to focus on the people who will be hurt if the tax rate extensions are not passed for the 98% of americans. >> if congress does nothing, every family in america will see their income
the bush tax cuts for the middle class. the latest from stephanie cutter includes a two-minute video reminding voters that the president campaign and won on that same platform. >> obama: we need to give tax relief to working families trying to raise their kids to keep them healthy send them to college, keep a roof over their heads. that's the choice in this election. >> the administration is still asking you to send in stories about what being able to keep about $2,000 more a year means to you and your family. the president is planning to meet with state governors this week and the business roundtable, a big business lobbying group. this morning fiscal cliff negotiations appear to be at a stand still. treasury secretary tim geithner says the president's offer is unwavering. we're going to let tax rates go up for top earners and republicans will have to work with that reality. >> there is no responsible way we can govern this country with those low rates in place for future generations. those rates are going to ha
at this point. >> but when you look at those, they all have some come by neigh of spending cuts and tax increases. the idea is that over a period of time, you basically put the country in a better path, the government in a better path to spending and taxation. what you don't want is the fiscal cliff because that was designed to be something that nobody liked. and the reason is, yes, you've reduced the deficit from about 7% of gdp down to about 4% of gdp, so you move in the right direction really dramatically, but you do it in a way that nobody was happy with exactly where those cuts come from and exactly how the taxes increase. >> with what you're seeing, and we never know, it's almost like a mating dance where you've got the male and a feel of some species -- >> it's an ugly one. >> looks like they're never going to do it. they get closer and closer. >> but there is a lot of -- they back off and they might even look like they're fighting. but do they eventually, you know, do it? >> well, i think certainly everybody hopes so. because it would be better than if they don't. >> that didn't
it to sign this bill so people's taxes don't go up. >> the adult in the room continues his campaign to cut taxes for the middle class, and john boehner keeps shooting spit balls. >> it was not a serious proposal. >> tonight the latest on the stalemate and the democrats' upper hand. mitch mcconnell gets downright ridiculous with his demands to weaken medicare. one of the architects of obama care dr. zeke emanuel responds tonight. >>> house republicans pass an immigration bill democrats say is divisive and inferior. today, congressman javier on why the latino community won't be fooled. >>> the nation's first fast food strike is a historic protest for workers' rights. tonight, what you need to know about the lowest paid workforce in the country. >>> good to have you with us tonight, folks. thanks for watching. president obama knows his opponent is on the ropes and he's not letting up. the president took his tax plan agenda on the road today. he went to a philadelphia, pennsylvania, toy factory just north of philadelphia to focus on the people who will be hurt if the tax rate extensions are no
. >> the white house proposal raises taxes 1.6 trillion over a decade. republicans close loopholes and get rid of deductions. they say the mast won't work. >>> it is still out of balance. it is 800 million worth of revenues. he said he is going to do that by lowering rates. when you look at the map it doesn't work. >> the house majority with kevin mccarthy said yesterday the speaker moved to the middle by putting revenue on the table. jay carney also said the boehner plan is quote pagic beans and fair redust. >>> peter doocy, live in washington. thank you. >>> chaos in cairo. egyptian president mohammed morsi returning to the presidential palace overnight. he left amid clashes between police and 100,000 protestors. look at that. they are outraged over her recent power grab. it shows there should be great concern about morsi. >> people have said the muslim brotherhood is moderate, it is responsible, it will not be a problem if it takes power has been proven wrong i think beyond a shadow of a doubt. this man is in power through whatever means he can get it. >> steve harrigan has more from cairo
and with the president and republicans on raising taxes republicans are trying to shift the focus to spending cuts and entitlement reform. >> i hope when tim geithner comes to capitol hill that he will put forward something concrete. so far all we got out of the administration are these demands for higher taxes, they're willing to discuss what is driving federal spending and debt and that is in title and programs. peter: we learned president obama and john boehner spoke for 15 minutes last night. i just bumped into a senior leader among senate democrats and asked him how he felt about this news and he said -- he was more optimistic about these negotiations today. he thought perhaps this man the speaker and the president were exchanging proposals on avoiding the fiscal cliff, john boehner has a press conference at 11:30 after his meeting with tim geithner. connell: we will speak with -- see what the speaker has to say. with all this back and forth, a decent amount of speculation that a deal is starting to take shape. look at the reporting from politico and they put numbers to its save a framework l
tax cuts hostage simply because they refuse to let the tax rates go up on the wealthiest americans. >> the republicans call this a bait and switch. >> alisyn: we'll debate. >> dave: one massachusetts town rolling out the welcome mat to long islanders for christmas tree lighting after the they refused to budge on the holiday event. the p.c. please. >> should you tip your garbage collector or how about your child's teacher? we have tips for tipping or the barista at starbucks. >> dave: no! sorry, ladies and gentlemen. >> "fox & friends" begins right now. ♪ >> are you supposed to tip the teacher. >> dave: some are, some are not. >> you want to err on the side of tipping and is it too much. do you tip the garbage man or the postal employee. you leave a bunt cake outside. >> alisyn: yes, money. they want money. >> dave: we'll get into it later, but it's tough because it used to be you tip someone for extraordinary service. >> alisyn: right. >> dave: now you just tip someone please. >> alisyn: so they don't egg your house, that's why you're tipping. >> and go to ff weekend and fire it
. drastic mandatory tax hikes and spending cuts will kick in with the new year unless the white house and the republicans can reach a deal. for weeks, gop lawmakers have said we're just waiting for the white house to give details, specifics, some numbers. well, tonight that's happened. the white house is calling their bluff and they've laid out how they want to cut the debt. jessica yellin is over at the white house for us tonight with new developments. jessica, what are the specifics of this offer tonight? >> reporter: hi, wolf. according to senior officials on both sides of the aisle, the president is asking for $1.6 trillion in new taxes. that includes raising taxes for families who make $250,000 or more. you'll recognize that as a pledge from his campaign. and it also includes limiting deductions and loopholes as well as other changes to capital gains and dividends taxes. well, that is the headline for republicans, wolf, who say it is far more money in tax rates than they ever expected to hear from the white house in any offer. moving on to some other aspects of the proposal, secr
. bill: democrats upping the ante, looking to raise taxes, protect entitlements and raise the debt ceiling all at the same time. stuart varney, hello, there, sir. you think there has been a shift in those negotiations. >> i don't mean a shift in position. i mean a shift in focus, what they are focusing in on on the last couple days it's been taxes now it seems to be we are focusing in on entitlements and spending cuts. the democrats and the republicans are presenting a united front saying no cuts to entitlement. no entitlement reform. the unions have an ad campaign saying don't touch entitlements. the president campaigner in chief saying the same thing. he put no entitlement reform front. a unified front on entitlements. bill: we did two hours of television yesterday. i saw a story that was as far apart from coming to agreement as is possible. do you see any give between these two sides? >> i saw a statement from senator dick durbin generally considered on the left of his party, he's saying, nobody should be so naive as to believe that just taxing the rich will solve our problems.
to hire the energy commission. california became the leader in energy efficiency. we put in tax credits and policies of the public utilities commission to favor alternative energy, independent power production. which is obvious today. when they promoted code- generation it was something very novel. 30 years ago. now you have a different name for a period in his third party power production using power in a driving way to recapture the most efficient way. innovation is important. i have to also, every time we heard the word innovation, i have to put a plug in for tradition. i have a very traditional education. i spent a lot of years in silence speaking latin up in the hills, living within the medieval framework. i do respect the past. we study it. if you are grounded in tradition, you feel quite confident in change and innovation. if you are insecure, you are very reluctant to embrace the unknown. i do think we need to in our education and politics, we have to have a new appreciation for our traditions and the patterns that describe our culture and our being as americans. having said all
wants to raise taxes on the wealthy for instance. is that going to solve the problem, get rid of the bush tax cuts? >> that is not going to solve the problem because we have to remember first of all, there is no such thing as a tax increase that affects only the wealthy. ernst & young predicted we'll lose 700,000 jobs even if we raise taxes only on top two rate brackets. 700,000 jobs. those are not ceo jobs. those are not top one percenters. those are people living paycheck to paycheck. bottom line we can't go back to the american people again and again expect to call that a fair deal when we continue to demand more money of them but we're not willing to change the way we spend money in washington. jon: senator mike lee is a republican of utah. some sobering thoughts there, senator. thanks for sharing them. >> thank you. jenna: we have some brand new developments in the political turmoil raging in egypt today as the country's two highest appeals courts suspend work to protest president morsi's latest move. now that latest move is his decision as president to make anything that
." ♪ ♪ ♪ ♪ >> eric: 29 days until taxes jump and spending on everything from defense, medicare and farm suddies are slashed. geithner and bane spinning away on the sunday talk circuit. i'd roll the video but we prefer you stay awake for the segment. listen to rush limbaugh shed some light. >> why would he want to go over the cliff? what happens when we go over the cliff? democrat orgasm happens. taxes go up for everybody. nirvana to these people. >> eric: i will disagree with rush. it's good for the g.o.p. to call obama's bluff. one or two results will follow us over the cliff. we go back to recession. that will hurt but the economy will roar back. maybe, just maybe, zombies for obama will realize he has no clue when it comes to the economy. or we don't double dip to the recession. and the debt dissolves to pay the way for the 2016 conservatives. take your chance and take medicine now. over the long run, better for the economy. >> kimberly: call his bluff. be strong at the negotiating table to make sure you can do what is best in interest of the country. these are tough time and you have to sta
and pass what the president has proposed, basically extend the tax cuts for the middle class up to $250,000. then deal with that other piece. speaker boehner came out and sort of chastised him. but tom cole went on to continue to go on about 18 different shows and reiterated the same position he was actually on with our chuck todd this morning. let's take a listen. >> that advice was given in private. but you guys have a way of figuring out what is said in private. somebody leaked it out. that's fine. because i'm not going to -- >> you didn't intend for this to go public? >> no, no. i absolutely didn't. >> okay. >> again, it is what i said. it's not an inaccurate report. and, again, i don't think it changes where we're going. our chief negotiator is the speaker. he can deliver the republican votes for a deal that he thinks is the right one. i always support him in that. i'm sure i would again. >> nick, like i said, he's saying this leaked out, he didn't send it to go public but he felt perfectly comfortable going on, like, every show possible yesterday and not backing off of it. do you
spending her hard-earned tax dollars like water, running trillion-dollar deficits year after year. she's angry and she has every right to be angry. so what are we going to do about it? lately we've heard a lot of talk about raising revenues, but not nearly enough talk about bringing the federal government down to the right size, about matching spending to the resources we have, about balancing the federal budget. oh, we hear about a balanced approach, but that's just a way of saying we need to increase taxes. actually, we don't need to increase taxes. the best thing we could do would be to not increase taxes. the best thing we can do is to raise revenues by making our economy as healthy and strong as it can be. that means we need to help our businesses grow and hire. that's become way too hard to do in the past couple of years. a businessman in duchess county, new york, said he's going to have to limit the number of employees he has to less than 50 so he won't be subject to penalties under the 2010 health law. so right now the federal government is keeping him from offering jobs. that
$800 billion in tax revenue in the fiscal cliff negotiations. president obama has said there will be no deal unless taxes are raised on the wealthiest americ americans. but staunch conservatives don't want any kind of new taxes. that's where speaker boehner's job gets really tough. on piers morgan tonight newt gingrich said if all else fails, go over the cliff. >> i think that no deal is better than a bad deal. i think going off this cliff is less dangerous than letting things build up for a year or two years to an even bigger cliff. i think that the president clearly has staked out a position of nonseriousness. and i think that it's very difficult for the house republicans right now to find any practical way to get his attention. so, he just won an election. he is feeling very good about himself. he is posturing brilliantly, putting the republicans in a corner. they need to relax. they don't have an election until november 2014. >> senior congressional correspondent dana bash joins me now. dana, can we expect fire woworkt the meeting this morning? >> reporter: possibly
immediate action to avoid those automatic tax increases and spending cuts come january. president obama is saying that with the way speaker boehner plan stands now, no deal. >> unfortunately the speaker's proposal is out of balance. we will have to see the rates on the top 2% go up and we are not going to be able to get a deal without it. >> that was an exclusive with bloomberg t.v. and the first televised interview since the president's re-election. as you heard, taxes are the big issue blocking this deal from taking place. president obama is calling for downhill the amount of tax revenue as speaker boehner over the next tens years, most from the nation's top earners. many. republicans say that's not the way to handle this. here is marco rubio. >> it wouldn'ting make a small bent in the debt but it would heard middle class businesses. >> the g.o.p. could be risking a civil war over this issue. it does not look like obama is ready to cave. if that forces republican leaders to compromise staunch conservatives will likely rebel. more "bill press" up after t
cliff. the across-the-board spending cuts and sharp tax increases that hit in just 29 days. let's get straight to our senior congressional correspondent dana bash. she's watching what's going on. dana, the tax rates, first of all, let's get to a major sticking point right now. there's been a counterproposal from house republicans to the white house. you have details. >> reporter: that's right. let's start exactly where you just began on those tax rates because that has become the big divide between the two sides. the answer is the house republicans are not budging. they still want to continue the bush era tax rates at all income levels. let's get specific. first of all, the counterproposal, they say they would get about $800 billion in savings from what they call tax reform, from deductions and closing loopholes, things like that. but the bush era tax rates, all of them would remain, even for the wealthiest. to show you the difference, compared to the white house offer that they got last week, $1.6 trillion in savings when it comes to tax revenue. but much of that came from raising ta
. this is not complicated. we're not in this mes mess becae washington taxes too little. we're in this mess because washington spends too much. the american people know that and we're not going to get out of it until democrats get serious about real spending cuts and meaningful -- meaningful entitlement changes. so this morning i'd like to speak in a little more detail about why it is that we need to strengthen and protect these entitlement programs through reforms that match them up with the nation's changing demographics. democrats like to pretend as though they're the great protectors of social security, medicare, and medicaid. they make solemn pledges all the time about how they won't even entertain a discussion about reform. what they don't say is that ignoring these programs is the surest way to guarantee their collapse. all we're calling for is an honest conversation. we all know these programs are in trouble. let's figure out a solution. when it comes to entitlements, republicans are guided by a simple principle: we don't want americans to age into a system that no longer exists. we do not
out there. how to do that, it remains to be seen. but then that will require some other tax. that would be my big request like everybody else. get america's finances under control and that will take both parties. it will take taxes and it will take reduction in commitments that have been made. it now can be validated. let's get this but do it in a way that exacerbates the uncertain economy. the second -- we have to happen through innovation. whether it is the space program or tax credits for renewable energy. all that is important. we have to keep that going. that will get hard because we will face is demographics. that is my 74th birthday on april 7. i am aware of the and aging population which i have become and we are an aging population relative to what we were. luckily, we have millions of fresh arrivals that are younger and are energetic and they come from all over the world. we have to make sure our education system lifts them to their highest aspirations. when the society ages, it tends to -- it declines. that is the big demographic imperative. i was reviewing one of
understood the banking system. he's not a budget guy. he's not a tax guy. he's never really worked in this sphere. >> geithner is leading these talks for two reasons. he and the president are very close. they simply click. secondly, boehner likes him. that's why geithner is the front man here. that sometimes matter more than anything else. on wednesday, the president brought back a campaign atmosphere. he surrounded himself with what he called average middle class families. it was all about ramping up political pressure on the republicans. >> if congress does nothing, every family in america will see their taxes automatically go up at the beginning of next year. >> the president had a busy fiscal cliff day, also met privately with the ceo ofs of home depot, coca-cola and yahoo!. not to be out done on this pr front, house republicans made it public, hosting a group of nervous business leaders. they've signed on to a campaign called fix the debt. they want big spending cuts to supplement the coming tax hikes. >> i'm hopeful but i wouldn't put me anywhere near the optimistic category.
yesterday. meanwhile, the white house put out a statement today arguing the republican plan lowers tax rates for the wealthy and quote, sticks the middle class with the bill. so with 29 days to go until the fiscal cliff, what would it take to get a deal? joining me now, men on opposite sides, grover norquist, president of americans for tax reform and robert reish, former secretary of labor for president bill clinton and the author of "beyond outrage." none of the three of us are beyond outrage, grover norquist, which is why i keep having you back. the situation it seems to me as an impartial observer here is that both sides have now made fairly ludicrous offers that they know the other side is never going to accept in a million years. that does beg the question, grover, why bother, given that both sides know where they need to move, why the games? >> well, it's not clear that both sides know. the week after the election, president obama was asked do you have to have the higher rates or could we have deductions and credits and he said he was open to negotiations. three weeks later, after than
unbalanced and not serious. translation? no tax hikes on the wealthy so democrats said forget about it. we thought you should take a look. it totals $2.2 trillion in deficit reduction over ten years. the part that stood out to us was $600 billion in proposed savings in medicare reforms. how? in part by raising the age of eligibility to 65 to maybe 67. turning down the gop proposal, dan pfieffer said, quote, it provides no details on which deductions they would eliminate, which loopholes they will close or which medicare savings they would achieve." let's head now to the white house and dan lothian. the white house will not offer a counter proposal, right? what's going on here? >> reporter: well, you know, i think the white house is digging in. the president said early on in this process that he would only sit down and really move forward, negotiate on this in any meaningful way if the tax hikes for the wealthy expired. and republicans have been pushing back on that -- tax breaks rather for the wealthy expired and republicans have been pushing back on that, say they go believe that will be
the fiscal cliff unless republicans agree to tax increases. reports from major garrett and chip reid. elaine quijano on a new study that could lead to a major change in treatment for breast cancer. >> recurrence is something you live with for your entire life. >> pelley: a household name in computers is wanted in a murder investigation. bob orr reports he was tracked down by the technology he lived by. and we note two milestones: an eyewitness to this moment in history has died. then anthony mason will take five to remember dave brubeck, a giant of jazz. captioning sponsored by cbs this is the "cbs evening news" with scott pelley. >> pelley: good evening, they've never said it quite like this: the president's treasury secretary made it clear there is no room for compromise. republicans must accept an increase in tax rates for upper-income americans. negotiations on a budget deal haven't gone very far and there are just 27 days before that so-called fiscal cliff. that's the package of tax increases for most americans and budget cuts that will hit automatically unless the white house and congr
weeks away from the fiscal cliff and still no progress. there is a massive tax hike in spending cuts, it only intensifies on comments by harry read essentially confirming the budget talks still remain worlds apart. the dow down nearly 90 points. >> this will be a big topic in the future. college loan debt. that could be the next housing bubble. >> the federal lending making college education to any one is really only creating a pile of debt so large that since 2007 it has risen 56 percent while other forms of debt like auto debt mortgage debt that declined. u.s. student debt rose $950 billion according to the federal bank of new york. now 11 percent of those balances are at least 90-days late. that is higher than credit card late payments for the first time in history. >> if the student continue to default that is the u.s. taxpayers picking up the tabs. >> most of the student debt is in the grace period so the number is probably even higher. >> we will keep following that one. christmas air fares are expected to be up. airlines continue to gouge us. >> you will pay 8 percent more tha
day closer today to automatic tax hikes and spending cuts, the so-called "fiscal cliff". the president took to the road, while republicans warned there's a deadlock in efforts to reach a deficit deal. >> now, of course, santa delivers everywhere. i've been keeping my own naughty and nice lists for washington. >> warner: the president chose a seasonal setting, a toy factory in hatfield, pennsylvania, and holiday imagery to press again for extending tax cuts for the middle class. >> if congress does nothing, every family in america will see their income taxes automatically go up on january 1. i mean, i... i'm assuming that doesn't sound too good to you. >> no. >> that's sort of like the lump of coal you get for christmas. that's a scrooge christmas. >> warner: in washington, republicans portrayed the road trip as so much humbug, at a time, they said, when negotiations are going nowhere. >> there's a stalemate. let's not kid ourselves. >> warner: house speaker john boehner said republicans remain willing to raise revenues, but not by raising tax rates. and he charged the white house isn't
-style trip to a toy factory in pennsylvania today, part of his push to sell his plan for higher taxes on the wealthy. good evening. i'm jeffrey brown. >> warner: and i'm margaret warner. on the newshour tonight, we update the searchor deal, even as house speaker john boehner declares the negotiations are "going nowhere." >> brown: then, we turn to another congressional battle. kwame holman reports on sparring in the senate over proposals to change rules blamed for partisan gridlock. >> majority democrats want to put limits on the phil buster, a tactic used to delay legislation but republicans say the tool is key to protecting their minority rights. >> warner: on the eve of world aids day, ray suarez updates the hopes and frustrations in the fight against the deadly disease. >> brown: mark shields and david brooks analyze the weeks news. >> warner: and is the grand canyon 60 million years older than we've long thought? we ask science correspondent miles o'brien. >> brown: that's all ahead on tonight's newshour. >> major funding for the pbs newshour has been provided by: >> and by bnsf
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